AIB & Bank of Ireland to offer Home Energy Upgrade Loans

With starting interest rates from 3%, homeowners can borrow from €5,000 to €75,000 from AIB and Bank of Ireland later this year to retrofit their homes and make them warmer and more energy efficient.

It is expected that a number of credit unions from the Irish League of Credit Unions will join the scheme in the coming weeks, which will allow more people to access these affordable loans in their own communities. According to the Government's National Retrofit Plan, almost 48,000 home energy upgrades were carried out last year including 1,336 deep retrofits, supported by the Government SEAI grants - an increase of 76% on the previous year.

Stephen O'Conor, the managing director of Electric Ireland Superhomes, said the participation of these two pillar banks, along with PTSB, significantly increases competition in the market, providing homeowners with more choice and giving them the opportunity to avail of rates that are significantly lower than what is currently available on the market.

Source: Energy Industry News (energyindustrynews.net)

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